Amillex Daily Market Commentary | Safe-Haven Premium vs. Hawkish Signals: Gold Consolidates at Record Highs

On February 20, 2026, the global gold market staged a high-stakes tug-of-war around the historic psychological level of USD 5,000. Escalating geopolitical tensions—driven by the United States issuing a 10-day ultimatum to Iran—reignited safe-haven demand, pushing spot gold to an intraday record high of USD 5,022.15. However, bullish momentum faded toward the close, with prices ultimately settling at USD 4,995.83, up a modest 0.4%. The market is currently displaying a classic consolidation pattern. The USD 5,000 mark has become the epicenter of the bulls-versus-bears battle, and this “tense calm” suggests a larger price realignment may be brewing. Looking ahead, Federal Reserve policy constraints may exert pressure on elevated gold prices. That said, should geopolitical risks escalate further, gold could firmly establish itself above USD 5,000 and open up fresh upside potential.

資產績效與基本面分析

1. 美國股票市場

指數表現

道瓊工業平均指數（DJI）： 49,395.16. Down 266.73 points, or 0.54%. As a traditional stronghold of value stocks, the Dow’s weakness reflects rising concerns over higher borrowing costs and mounting pressure on the real economy in a prolonged high-rate environment. Capital continues to rotate out of rate-sensitive blue chips.
標準普爾500指數（SP500）： 6,875.22. Up 0.21%. The index remains locked in a narrow tug-of-war near the 6,900 level, highlighting intensifying psychological resistance ahead of the historic 7,000 mark. Markets are increasingly torn between “soft landing” optimism and stretched valuations.
Nasdaq 100 Index (NQ1!): 24,895.25. Up 0.15%. Despite elevated U.S. Treasury yields, the earnings resilience of mega-cap tech continues to act as the market’s last line of defense. The index remains in a high-level consolidation zone just below 25,000.

焦點股票

特斯拉（TSLA）： USD 411.71, up 0.09%. Following a prior valuation reset, the stock has entered a tight consolidation range. In the absence of fresh macro catalysts, investor sentiment has turned notably cautious above the USD 400 psychological threshold.

2. 外匯市場

美元指數（DXY）： 97.876, up 0.06%. The dollar continues to show strong defensive characteristics, underpinned by the Federal Reserve’s “higher for longer” rate outlook. Against the backdrop of slowing global growth, the dollar’s yield advantage remains firmly intact.
美元/日圓： 155.052, up 0.04%. The pair has stabilized above the key 155 level, with the yen caught between carry-trade unwinding and safe-haven demand. Markets are closely watching for potential verbal intervention from the Bank of Japan amid upside inflation surprises.
歐元兌美元： 1.17694, down 0.03%. Weak eurozone manufacturing PMI data continues to weigh on the euro. Under sustained dollar strength, the pair remains capped below the 1.18 resistance zone.

3. 貴金屬和大宗商品

貴金屬

現貨黃金（XAU/USD）： USD 4,997.24/oz, up 0.02%. Gold is moving sideways in a tight, near-flat formation around the USD 5,000 milestone. This reflects an intense standoff between extreme inflation hedging demand and elevated real interest rates, with exceptionally high institutional turnover at this level.
現貨白銀（XAG/USD）： USD 78.5186/oz, unchanged. After a sharp rally, silver’s volatility has moderated, signaling a technical consolidation phase as earlier profit-taking is absorbed.

大宗商品

原油（WTI）： USD 66.58/barrel, down 0.42%. Oil prices pulled back after a failed upside attempt, suggesting that as geopolitical risk premiums fade, markets are refocusing on weakening global demand. The USD 65 level now serves as a key short-term pivot.

4. Crypto Assets and Macro Dynamics

比特幣（BTC/USD）： USD 67,220, up 0.37%. Bitcoin is showing clear signs of momentum fatigue below the USD 70,000 level. As risk appetite cools, capital rotation toward traditional safe-haven assets such as gold has become increasingly evident.
以太坊（ETH/USD）： USD 1,959.0, up 0.56%. ETH has marginally outperformed Bitcoin but remains trapped below the USD 2,000 threshold, reflecting subdued on-chain financial activity amid tightening liquidity conditions.

5. 今日重點